One of the world's biggest crypto exchanges, Binance, is opening its first “fiat to crypto” exchange on Malta – a country which is beginning to stand out in terms of blockchain adoption and fintech in general. This is in addition to their recent announcement about forming a decentralized exchange.
Binance's founder, Zhao Changpeng, says that they're close to opening an exchange in the Mediterranean and are forming partnerships with local banks in regards to accepting deposits and withdrawals with no time delays – a big problem problem with current fiat to crypto transfers.
Malta is one of the leading fintech countries right now, and their Institution for Digital Innovation is planning to form a regulatory framework for cryptocurrencies, ICOs and cryptocurrency exchanges. Malta's government recently invited Zhao to check out their suggestion for an upcoming legal framework considered valid for crypto businesses on Malta. This clearly shows how ready the country is to welcome new technologies with open arms in order to get the most use – and profit – out of collaborating with players as big as Binance.
With great satisfaction @cz_binance welcome to Malta. I look forward to work with you and as a @MaltaGov we're committed to provide you with the ideal ecosystem. Thank you for being part of our vision, that of making Malta The Blockchain Island. @binance @JosephMuscat_JM https://t.co/nhFbnYH3cu
— Silvio Schembri MP (@SilvioSchembri) March 23, 2018
If you found this article useful or interesting, please consider donating to keep our operation running.